How Hotel Management Companies Can Gain a Competitive Advantage
Hotel management companies work in a highly competitive environment. As with many industries, technology allows businesses to compete on a regional to international level. Attracting new customers, retaining existing ones and increasing profits are crucial in today’s business world. So, how does your hotel management company gain that competitive advantage?
Let’s face it – everyone knows that technology can improve business processes, but it can seem like a daunting task to figure out the right solution. Many companies begin this process by looking at their expenses and trying to reduce them with minimal operations impact. Automating the Procure-to-Pay (P2P) business process is a low impact, high return technology solution that provides management companies with a strong competitive advantage.
A cloud based Procure-to-Pay solution will give your business a competitive advantage. Here’s how BirchStreet – the #1 global, cloud based P2P system in the hospitality industry – can help:
- Retain customers by integrating purchasing, payment and inventory data into your ERP or accounting system.
- Retain customers by embedding your business practices into your technology system.
- Acquire new customers by offering better P2P services that competing management companies don’t offer.
- Acquire new customers by differentiating your business with cutting-edge technology built for hotel management.
- Reduce operating expenses by reducing the resources required to process AP in your office. P2P automation scales for growth.
- On-board new customers and locations faster using the system technology to drive process compliance.
- Increase profit based incentives by reducing and controlling property expenses.
- Improve management tools by providing instant property, regional and enterprise visibility to P2P transactional data and business intelligence.
- Improve work-flow compliance by incorporating business processes into operating technology.
BirchStreet automates and streamlines procurement, accounting, inventory, recipe and capital budget functions with Hotel Management Companies in mind, providing time savings, compliance, accuracy, visibility, control and accountability. BirchStreet serves over 7,000 contracted property management companies and hotels worldwide. From some of the largest hotel management companies like Interstate Hotels & Resorts to mid-size companies like Destination Hotels & Resorts and smaller management companies like Marcus Hotels & Resorts, using a procure-to-pay solution has direct and significant measurable benefits to hotel management companies. “BirchStreet ended up being a terrific solution for not only our smaller hotels, but our larger hotels too,” said Kirk Poe, VP Transitions of Destination Hotels & Resorts. In today’s fluctuating economy, BirchStreet can even help mitigate risks in down times with on demand access to spend data.